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Bitcoin

What is Bitcoin?

Bitcoin is a decentralized digital currency which is created and held electronically. It was first created in 2009 by a software developer or developers under the name Satoshi Nakamoto as a form of payment system which was based on mathematical proof. The idea behind the Bitcoin crypto currency is that everyone can acquire free Bitcoins, they are not controlled by a single institution and they can be transferred electronically with minuscule transaction fees.

Bitcoin Explained

Bitcoin was launched with the idea that no one person or authority would have ownership and control. You can think of Bitcoins as a digital currency which everyone can acquire for free and make purchases everywhere, instantly and without any bureaucracy or fees. The protocol behind Bitcoin says that a maximum of 21 million Bitcoins can only ever be created online by Bitcoin miners. Miners play the key role in the record keeping process by processing transactions. They collect Bitcoin currency in exchange.

One Bitcoin can be divided into smaller units up to a one hundred millionth part of a Bitcoin called a Satoshi. Everyone can set up a Bitcoin address in minutes without any fees and their Bitcoin address isn’t linked to names or addresses, so the user has total anonymity.

What’s attractive about this currency is the fact that no one can control the Bitcoins and no one can interfere with the currency in the way that some banks or authorities might. Every Bitcoin miner in the world is a part of the big Bitcoin network and all of them work together. So if one part of the network is not in function for whatever reason the money will still keep flowing across the entire Bitcoin network. You can easily send Bitcoins from one account to the other and as soon as the transaction is confirmed by the miners the funds will be processed. Another advantage of using this currency is that many digital wallets including some online casinos today let you buy and sell Bitcoins in many other currencies like Euros, Dollars, Rubles or Yen and you can also order a prepaid Mastercard which will be linked directly to your e-wallet account. This way you can withdraw funds on your local ATM machine at all times.